I really love the idea of rentals but man it's hard to stay motivated with all the negativity around you not only from people you know but even some professionals in certain businesses.

Not deal breakers.I'm currently an active retail mortgage originator, amongst a couple other things, but Its been my experience that working as a wholesale account executive from 2000 until 2016 and being on the backside of literally thousands of loan closings since the inception of the newest regulations that I can recall only one instance of a set back caused by cents on a transaction, but that was early on in the Dodd/Frank era and was the result of software, that was subsequently fixed by an addition 3 day waiting period, because that was the safest play for the lenders ***.The take away here, again just in my opinion, is on the front side of the transaction, write the offer at whatever it takes to get the contract done, then hand it off to your favorite lender...they'll figure it out. :)

I always recommend new hosts to establish in a city that already has regulation on them, yes you pay taxes on it, but it makes your investment more secure. 

Try searching on www.Narpm.org there you will likely get a better educated and more professional PM.

While there were many factors in moving to Salt Lake (professional, personal, lifestyle, etc.), one large reason was for the “underratedness” we see in the city and the opportunity for entering into REI.

Regardless, the Board adopted regulations that all but eliminated our options to rent the place, including a proposed $250 fee per rental for "administrative costs" and requirements that renters sign an extensive agreement about what they could and could not do on the condo common grounds. 

I recommend you familiarize yourself with your state's eviction procedures and tentant/landlord laws sooner rather than later, to protect yourself from professional tenants.

Hi @Lindsay West   Can't stress enough about the importance of seeking professional tax advice. 

I am not a CPA and do not provide any professional opinion on the tax matters, but from my best knowledge this is absolutely illegal and is considered a tax fraud, which is a crime.

If they’re at Home Depot as 6am then most likely it’s the professionals who are out there hustling, not the ones who sleep in after a long night.